Portfolio Update

CAPITAL GEARING TRUST P.L.C

Monthly Portfolio Update - Revised

Capital Gearing Trust p.l.c announces that as at 30 October 2009 it had the
following investments in other listed closed-ended investment funds, which do
not have a stated investment policy to invest no more than 15% of their total
assets in other listed closed-ended investment funds:

Name                                                              Percentage of     
                                                                      portfolio       
                                                                               
Utilico Finance LTD Zero Div Pref 31/10/12                                2.58%
                                                                               
London & St Lawrence Investment Company                                   1.42%
                                                                               
Utilico Finance LTD Zero Div Pref 2016                                    0.83%
                                                                               
Advance UK Trust                                                          0.58%
                                                                               
Cazenove Absolute Equity Ltd                                              0.52%
                                                                               
Advance Developing Markets Subscription Shares                            0.51%
                                                                               
Iimia Investment Trust                                                    0.44%
                                                                               
Midas Income & Growth                                                     0.44%
                                                                               
Tapestry Investment Co Red Ptg Pref Shares                                0.38%
                                                                               
Utilico Ltd                                                               0.30%
                                                                               
Eclectic Investment Trust                                                 0.19%
                                                                               
Ceres Agriculture Fund                                                    0.14%
                                                                               
Goldman Sachs Dynamic Opportunities USD                                   0.07%
                                                                               
Total                                                                     8.40%

Capital Gearing Trust p.l.c also announces that as at 30 October 2009 the ten
largest investments were as follows:

Name                                                              Percentage of    
                                                                      portfolio      
                                                                               
Treasury 2.5% Index Linked 2013                                           6.71%
                                                                               
Switzerland (Govt of) 2% Bonds 2014                                       6.20%
                                                                               
Switzerland (Govt of) 3% Bonds 2018                                       5.00%
                                                                               
France (Govt of) 5.5% OAT 25/04/29                                        4.91%
                                                                               
Germany (Fed Rep) 4.75% Bonds 04/07/28                                    4.57%
                                                                               
USA Treasury 2% Index Linked Bonds 15/01/16                               4.19%
                                                                               
USA Treasury 1.375 Index Linked Bonds 15/07/2018                          4.17%
                                                                               
USA Treasury 2% Index Linked Bonds 15/01/26                               3.10%
                                                                               
Allianz Dresdner 2nd Endowment Policy Trust 2009                          2.64%
                                                                               
Utilico Finance LTD Zero Div Pref 31/10/12                                2.58%
                                                                               
Total                                                                    44.07%

There were no additional investments with a value greater than 5% of the
Company's portfolio.

It should be noted that the above percentages are calculated using `bid
prices'.

Note:

This announcement has been re-issued as the version released on 4 November 2009
incorrectly labelled the Switzerland (Govt of) 2% Bonds 2014 as index-linked,
whereas this security is in fact a fixed interest bond.

Enquiries:

Alice Parker, TMF Corporate Secretarial Services Limited

Email: [e-mail]

Date: 12 November 2009